Indian residents forbidden from buying property abroad

Residents living in India have been banned from acquiring homes overseas, as part of a wave of measures introduced by the Indian government to control outflows of foreign exchange.

The country has been forced to act after its currency, the rupee, fell to record lows against various major foreign currencies, including the US dollar.it is hope that the measure to restrict people buying property abroad will help to strengthen the Indian currency.

Om Ahuja of Jones Lang LaSalle India said: “Many Indians chose to diversify and increase their exposure to international real estate to ensure steady rental revenue streams for their families abroad, or provide accommodation for their own use during their foreign sojourn.

“The international property focus of such investors is now going to decrease drastically.”

Indians have been major property buyers in many worldwide destinations, including Dubai and London among others.